'Tremendous service to sector': Business community lauds COAS for resolving key issues

• Business leaders hail amendments to law allowing arrests.
• Stress urgent need for reducing cost of doing business.
• Urge govt to lower interest rate, slash electricity tariffs.

LAHORE: The business community has extended their heartfelt gratitude to Chief of Army Staff (COAS) Field Marshal Syed Asim Munir on resolving the business-related tax issues, The News reported on Saturday.

They commended Field Marshal Munir for his unwavering support in resolving long-standing issues being faced by the business community. "His timely intervention is a tremendous service to the business sector," they noted.

Addressing a press conference at Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional office, FPCCI Vice President and Regional Chairman Zain Iftikhar Chaudhry; Patron-in-Chief of the United Business Group (UBG) S M Tanveer, President of the Lahore Chamber Mian Abu Zar Shad and others praised Field Marshal Munir for his vision of transforming Pakistan into an Asian tiger, reaffirming that the business community stands united with him in realising this national ambition.

They acknowledged that his efforts have ushered in a new era of optimism and progress for the private sector. They expressed serious concern over the now-amended Section 37A, which previously authorised Grade-16 officers to arrest businessmen — a move deemed unacceptable and detrimental to business confidence.

"Intimidation will only drive investment and enterprise away," they warned. "We are committed to contributing to the national exchequer and do not support tax evasion in any form. However, when the rights of the business community are at stake, we will stand together, united and firm," they declared.

They congratulated the business community nationwide on the successful amendments to Section 37A, calling it a significant step towards restoring trust and rebuilding the country's economy.

The leadership highlighted that FPCCI's sustained efforts over the past 18 months regarding Independent Power Producers (IPPs), noting that despite these efforts, the intended relief has yet to reach businesses or the general public.

Stressing the urgent need for reducing the cost of doing business, they pointed out that with a 50% tariff imposed on Indian goods, Pakistan is now uniquely positioned to increase exports.

They urged the government to immediately lower electricity tariffs to 9 cents and bring interest rates down to single digits to ensure Pakistan remains competitive in global markets — warning that failure to act may lead to export orders shifting to other countries.

Lastly, they strongly criticised SNGPL for retroactively imposing levies on gas bills from the past five years, labelling the move unjust and demanding its immediate reversal.